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Bitcoin dropped below $ 7,600 for the first time since March 19th. Earlier today, the price of bitcoin dropped to $ 7,530, after peaking at $ 8,150 less than 20 hours ago.
In the past 4 hours, sales volumes have intensified in all major cryptocurrency markets, and the market was probably affected by the peak volumes of the US bitcoin futures market operated by the United States. Chicago Board Options Exchange. Group.
Phil, a well-known cryptocurrency analyst better known as PhilCrypto, revealed that the bitcoin futures market has recorded record volumes in the past 24 hours, and according to publicly available data shared by CME Group and Cboe, the majority of the volumes in both futures markets are sales volumes.
CME #Bitcoin futures are posting record volumes right now pic.twitter.com/mf6TJrVSfQ
– Phil⚡️ (@ PhilCrypto77) March 28, 2018
Initially, the cryptocurrency community viewed the launch of the bitcoin futures market as an optimistic development for the global cryptocurrency market, as the community thought it would lead to higher volumes and improved liquidity of the cryptocurrency market. ]
Without a doubt, the arrival of traditional financial investors through the futures market has led to an improvement in market liquidity. But, although market volumes have increased, the futures market has had a negative impact on the cryptocurrency market in recent months.
While large institutional investors could not take advantage of the market and manipulate the price of cryptocurrency in the markets, traders began moving large sums of money to influence the market.
Realistically, some of the factors mentioned by the media such as the ban on crypto-currency advertising by Twitter and Facebook had a minimal impact on the price of cryptocurrencies. To understand the irrelevance of advertisements on both platforms, it is important to recognize the reason for the ban.
Both platforms have banned crypto-currency advertisements because of the increased advertising of aggressive initial coin offerings (ICOs). As Nathaniel Poppers of The New York Times has already reported, the vast majority of ICOs have proven to be unsuccessful projects or scams.
From a dip in the OIC data and success rates: 81% of ICOs were scams, ~ 6% failed, ~ 5% were dead, and ~ 8% were traded on an exchange https: // t .co / EZ6dMhroy8 pic.twitter.com/Xcj4jvvB8V
– Nathaniel Popper (@nathanielpopper) March 26, 2018
It makes perfect sense for Twitter and Facebook to ban crypto-currency ads unless they are responsible for investors’ losses, given that the government will attempt to blame the two platforms for promoting the ICO projects.
Therefore, it is excessive to claim that the prohibition of advertisements by the two social media giants or any other irrelevant factor has resulted in lowering the price of bitcoin and other cryptocurrencies .
What happens to the market?
As NCC reported on March 27, it is unlikely that the market will recover in the near term or in the coming weeks. Several experts, including the CEO of Abra, Bill Barhydt, declared that Bitcoin will initiate a strong recovery later in the year, and that “l & # Hell will break loose. ”
“I’m talking about hedge funds, high net worth individuals, even commodities speculators, who look at volatility in the crypto markets and see it as a huge opportunity.” Hell will be unleashed, once the floodgates open, they are open, “said Baraht.
Image from Shutterstock to photo
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